Essex Property Trust beats Q3 FFO estimates on revenue growth

Reuters

Oct 30, 2024

Oct 29 (Reuters) - Essex Property Trust beat Wall Street estimates for third-quarter funds from operations (FFO) on Tuesday, on the back of an outperformance in the Seattle, Northern California and Southern California markets.

The real estate investment trust, which has a portfolio of about 62,000 apartment units in the coastal markets of California and Washington, said it saw favorable same-property revenue growth across all of its markets during the quarter.

The REIT reported adjusted FFO per share of $3.91 in the quarter ended Sept. 30, compared to analysts' estimates of $3.88 per share, according to data compiled by LSEG.

Quarterly same-property revenue increased 3.5% from a year ago.

The California-based company also lifted the lower end of its full-year 2024 forecast for adjusted FFO to range between $15.50 to $15.62 per share, from $15.38 to $15.62 apiece earlier.

(Reporting by Ananta Agarwal and Aatreyee Dasgupta in Bengaluru; Editing by Alan Barona) ((mailto:Ananta.agarwal@thomsonreuters.com))

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